Property website Rightmove has confirmed it is axing its home information pack proposition following the Government’s dramatic U-turn on Hips last week.
Rightmove had planned to spend 22m developing its HIPs proposition, of which approximately 7m has been spent to date. Exit costs are expected to be 1.2m.
Last week, housing minister Yvette Cooper announced that home condition reports would no longer be mandatory once Hips are introduced next June.
In a statement, Rightmove says: “Further to its announcement of July 19, 2006, Rightmove announces its intention to discontinue its investment in Hips. This decision follows a board review initiated last week in response to the change to Hips.”